From Thestar.com.my: 1Malaysia Development Fund Bhd (1MDB) was originally meant to be Terengganu Investment Authority Bhd (TIA) – a state-owned sovereign wealth fund (SWF) with RM11bil in its coffers (indeed, an eye-popping amount considering the country’s recessionary pressures then) – RM5bil to be raised from government-backed debt papers and RM6bil worth of oil royalty.
But what was known as the country’s first state-owned SWF failed to withstand its most crucial litmus test......................................Full Article: Source